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Glossary of Terms

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Most Common Searched Terms:

Appreciation: The value that an asset gains over a period of time, as opposed to depreciation.

APR (annual percentage rate), Interest Rate: The yearly rate charged to a consumer to borrow the finance company's money. APR is usually expressed as a percentage. If your interest rate is 7.5%, you will pay $75 per $1000 borrowed.

Collateral: Assets that a borrower is obliged to turn over to a lender if unable to repay a loan. Usually, the vehicle is the collateral for a vehicle loan.

Equity (vehicle): The value of the vehicle minus the loan amount.

Interest: The amount charged by the finance company to borrow money.

Liabilities: The money you owe.

Lien: A legal claim on a piece of property until the debt or obligation is satisfied.

Negative Equity: When the amount you owe on a vehicle is larger than what the vehicle is worth.

Net Worth: Your assets minus your liabilities.

Principal: The amount borrowed.

Simple Interest: A method of allocating monthly loan payments between interest and principal. The amount of your payment allocated to interest is calculated based on your unpaid principal balance, the interest rate on your loan, and the number of days since your last payment.

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